Power of State Government to refer to Charity Commissioner for framing schemes for reconstructed endowment if trustees do not accept it.

Civil197014 sections

Statutory text

(1) The State Government shall, from such date as it may determine, offer to transfer the reconstructed endowment to the trustees of the acquired endowment ; and on accepting the offer, the reconstructed endowment shall, subject to the provisions of section 5, vest in the trustees, and the trustees shall, subject to any order of the state Government, administer and manage the reconstructed endowment in all respects as the acquired endowment was administered and managed before the commencement of this Act, regard being had to the instrument of trust, if any, under which the acquired endowment was created.
(2) If the trustees fail to accept the offer within sixty days from the date of the offer or such extended period as the State Government may permit in this behalf, the State Government may by order refer the matter to the Charity Commissioner, and thereupon, the provisions of sections 50A and 72 of the 1Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950) and all provisions of that Act applicable thereto shall apply in relation to the reconstructed endowment as they apply in relation to public trusts under section 50A.

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